Use the following selected account balances of Delray Manufacturing for the year ended December 31. Sales...
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Use the following selected account balances of Delray Manufacturing for the year ended December 31. Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Indirect labor $ 1,300,000 56,000 73,000 95,000 258,000 310,000 47,000 38,000 76,000 Selling expenses 122,000 General and administrative expenses 195,000 Raw materials inventory, ending 67,000 Work in process inventory, ending Finished goods inventory, ending 88,000 114,000 Repairs-Factory equipment Rent cost of factory building Prepare an Income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods manufactured is $703,000. Cost of goods sold: Goods available for sale Cost of goods sold Net income DELRAY MANUFACTURING Income Statement For Year Ended December 31 0 0 $ 0 10 Beck Manufacturing reports the following information in T-accounts for the current year. Raw Materials Inventory Debit Credit 3 points Beginning Purchases 11,200 50,000 Available for use Skipped Ending 61,200 DM used 52,000 9,200 Work in Process Inventory Debit Credit eBook Beginning DM used Direct labor Overhead 15,200 52,000 32,900 65,500 Hint Ending 165,600 Cost of goods manufactured 150,800 14,800 Print Finished Goods Inventory Debit Credit Beginning 21,100 Cost of goods manufactured 150,800 References Available for sale Ending 171,900 Cost of goods sold 151,600 20,300 1. Prepare the schedule of cost of goods manufactured for the year. 2. Compute cost of goods sold for the year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the schedule of cost of goods manufactured for the year. Beck Manufacturing Schedule of Cost of Goods Manufactured For Year Ended December 31 Direct materials: Raw materials available for use Direct materials used Factory overhead: Total manufacturing costs Total cost of work in process Cost of goods manufactured 0 $ 0 0 0 $ 0 Use the following selected account balances of Delray Manufacturing for the year ended December 31. Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Indirect labor $ 1,300,000 56,000 73,000 95,000 258,000 310,000 47,000 38,000 76,000 Selling expenses 122,000 General and administrative expenses 195,000 Raw materials inventory, ending 67,000 Work in process inventory, ending Finished goods inventory, ending 88,000 114,000 Repairs-Factory equipment Rent cost of factory building Prepare an Income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods manufactured is $703,000. Cost of goods sold: Goods available for sale Cost of goods sold Net income DELRAY MANUFACTURING Income Statement For Year Ended December 31 0 0 $ 0 10 Beck Manufacturing reports the following information in T-accounts for the current year. Raw Materials Inventory Debit Credit 3 points Beginning Purchases 11,200 50,000 Available for use Skipped Ending 61,200 DM used 52,000 9,200 Work in Process Inventory Debit Credit eBook Beginning DM used Direct labor Overhead 15,200 52,000 32,900 65,500 Hint Ending 165,600 Cost of goods manufactured 150,800 14,800 Print Finished Goods Inventory Debit Credit Beginning 21,100 Cost of goods manufactured 150,800 References Available for sale Ending 171,900 Cost of goods sold 151,600 20,300 1. Prepare the schedule of cost of goods manufactured for the year. 2. Compute cost of goods sold for the year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the schedule of cost of goods manufactured for the year. Beck Manufacturing Schedule of Cost of Goods Manufactured For Year Ended December 31 Direct materials: Raw materials available for use Direct materials used Factory overhead: Total manufacturing costs Total cost of work in process Cost of goods manufactured 0 $ 0 0 0 $ 0
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Related Book For
Fundamental Accounting Principles
ISBN: 978-1259536359
23rd edition
Authors: John Wild, Ken Shaw, Barbara Chiappett
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